The new coronavirus relief bill comes with some big changes that will impact small businesses:
  1. PPP Round 2 - your business is eligible for a second draw from the Paycheck Protection Program if it meets certain requirements and has suffered a decline in revenue for at least one quarter of 2020 relative to 2019. Forgivable expenses have been expanded, and fortunately, are now deductible! Deadline to apply is MARCH 31.
  2. EIDL - Economic Injury Development Loans are still available and offer long terms and low interest rates.
  3. Shuttered Venue Operator Grant Program - grants for organizations in the Arts industry.
  4. Additional Support - for minority-owned businesses, those with 10 or fewer employees, and those located in Low to Moderate Income (LMI) areas. Also, there are significant savings available for new or existing SBA Section 7(a) or 504 Microloans.
  5. Employee Retention Tax Credit - expanded to provide even greater tax savings.
  6. Meal Deductions - you can now deduct 100% of your business meals to support our local restaurants!

Contact your Tax Manager today for more details!